Big changes to the state pension have now come into operation.
If clients reach state pension age after 5 April 2016 they will receive the ‘new state pension’.
The full amount is £155.65 per week (2016/17) and up until 2020, it’s guaranteed to increase by the highest of price inflation, earnings growth or 2.5%, known as the “triple lock”.
It explained due to complex transitional arrangements, some people may get an extra state pension on top of the new state pension.
Speaking to the Professional Adviser website (www.professionaladviser.com), Aegon head of pensions Kate Smith offered up ‘ten top facts’ for advisers to tell their clients: